Archive – Banking & Fintech

Swatch freed from supplying rivals with parts

This content was published on Oct 25, 2013 Comco’s green light ends a 12-year saga, initiated in 2001 when Swatch said it wanted to stop making non-assembled watch movements for other companies. This announcement had sent shock waves through the industry as Swatch holds a monopoly on the business. In the next two years Swatch will deliver only 75% of parts to rivals…

Swiss banker arrest may be tip of iceberg

This content was published on Oct 22, 2013 Weil is the biggest fish among a number of bankers and lawyers previously indicted by the US courts, some of whom have already taken their punishments while others remain hiding in Switzerland. But there are fears that the list of prosecutions against individuals could grow despite a Swiss-US deal in August that promised to solve…

Migros to rename its doughnut pastries

This content was published on Oct 22, 2013 Ansel first sold the pastries at his bakery in Manhattan in May. Word spread, and soon people were queuing from the break of dawn to get their hands on one of the 250 calorie bombs made each day. The Paris-born pastry chef patented the ring-shaped pastries, forcing US bakers to come up with other names:…

Sonova subsidiary signs liability settlement

This content was published on Oct 21, 2013 The terms of the settlements reached on Monday were not disclosed. Last year, Sonova increased its provisions for claims from CHF198 million ($219 million) to CHF250 million, affecting its results for the 2012-13 financial year. The provisions cover the costs of existing and expected future claims, the company said at the time. CEO Lukas Braunschweiler…

Italian police arrest ‘fugitive’ Swiss banker

This content was published on Oct 21, 2013 Weil parted company with Switzerland’s largest bank in 2009 after being declared a fugitive by the US courts for failing to respond to a criminal indictment issued in 2008. UBS paid a $780 million fine in 2009 after admitting to aiding and abetting US tax evaders. Several Swiss bankers and lawyers have since been indicted…

Survey highlights toll on bankers’ health

This content was published on Oct 16, 2013 The “Banking: The Human Crisis” international survey published on Wednesday by UNI Global Union revealed that over 80% cent of banking and insurance unions in 26 countries cited worsening health as a major issue for their members in the past two years. More than half of the unions in 16 countries from Europe, four from…

Watchdog urges action over high roaming costs

This content was published on Oct 16, 2013 “The situation is blocked,” price watchdog Stefan Meierhans told public radio on Wednesday. “For years we’ve suggested a telecommunications agreement with the European Union over roaming charges so we are tied to the EU and benefit from their regulations. But it never got started.” Meierhans felt the EU did not want to conclude such an…

Switzerland signs OECD tax convention

This content was published on Oct 15, 2013 Stefan Flückiger, Swiss ambassador to the OECD, signed the treaty on mutual administrative assistance in tax matters at the organisation’s headquarters in Paris. Flückiger said that Switzerland has been committed to complying with international standards in tax matters since March 2009. “The signing of the Convention confirms Switzerland’s commitment to the global fight against tax fraud…

US crisis casts shadow over economic meetings

This content was published on Oct 13, 2013 The Swiss finance and economic ministers, as well as the Swiss National Bank (SNB) chairman, have been in Washington for the annual joint autumn gatherings of the two institutions, which have now wrapped up. The main topic was global economic development. The president of the World Bank, Jim Yong Kim, has warned that the United…

Market for finance jobs improving

This content was published on Oct 7, 2013 The index, published by the Swiss finance portal Finews.ch, includes jobs in banking, insurance, and related financial firms. Banks in particular are hiring more personnel, according to the report, with the number of listed positions increasing by almost 21 per cent since January 2013. According to the report’s authors, one potential reason for the increase…

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